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BOSTON, Feb. 5, 2014 (GLOBE NEWSWIRE) --
EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy intelligence software (EIS), announced today that it has led the Series A round of financing of San Francisco-based Genability, Inc., a software company that licenses its extensive database of electricity tariffs and rate engine for use with third-party products, such as EIS platforms, to precisely find, maximize, and communicate energy savings.
In addition to providing Series A funding, EnerNOC signed a licensing agreement which gives it certain exclusive rights to Genability's technology for EIS solutions that serve the commercial, institutional, and industrial sector. By connecting Genability's tariff engine to EnerNOC's EIS applications, end users will have more accurate energy forecasts, be able to make operational tradeoffs in a more informed manner, as well as be able to verify the cost savings from energy efficiency measures. For businesses, it is important that savings are articulated in dollars instead of kilowatt hours.
"Connecting energy efficiency measures to dollars is what drives organizational change and justifies future investments in energy efficiency projects, but with thousands of different utility tariffs in the U.S. alone, giving customer-specific projections can be a challenge, particularly for enterprise customers that could have dozens or even hundreds of sites," said Micah Remley, Vice President of Product Strategy and Technology at EnerNOC. "Genability's technology gives EnerNOC the ability to rapidly scale the amount of tariff information currently supported by our EIS platform. More importantly, it gives our customers the transparency they need to truly understand and appreciate the bottom line benefit that can be achieved by managing energy with software."
"EnerNOC has pioneered energy intelligence software, helping customers buy energy more cost-effectively, use less overall, and be more strategic about when energy is consumed," said Jason Riley, Founder and CEO of Genability. "By putting these savings in true dollar terms, businesses have at their fingertips real-time transparency they simply can't get with a rear-view mirror approach of relying on utility bills alone. This partnership will allow both companies to bring more cost savings to our respective customers."